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The U.S. Small Business Administration is telling small enterprises that February. twenty four will be the submission deadline pertaining to federal economic injuries catastrophe loans available in Lee and Scott counties in Virginia. The SBA declared a catastrophe as a consequence of intense storms, tornadoes, straight-line winds and water damage that began on April 23, last year.

In addition, the Small Business Administration declared recently that federal economic damage disaster loans are offered to smaller businesses, small farm cooperatives, small firms operating in aquaculture and the majority of private non-profit organizations of any size based in the counties of Dillon along with Horry in South Carolina as a consequence of Hurricane Irene which came about in August.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster,” noted Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is readily available to eligible farm-related along with nonfarm-related businesses that sustained financial losses as a direct consequence of this disaster. With the exception of aquacultural organizations, agricultural producers, farmers and ranchers are definitely not eligible to apply to SBA.

Financing for small business can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. Terms can be up to 30 years. The SBA determines eligibility depending on the size of the applicant, type of activity as well as its financial assets. The agency sets loan levels and terms based upon each candidate’s financial condition. These may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These particular small business loans are not developed to substitute lost sales or income.

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